Dropbox vs Tyler Technologies
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KIRA’s take AI analyst
I put Dropbox and Tyler Technologies side by side, using each one’s latest annual report. Here is what stands out:
- Dropbox is the larger business, with $2.5B of revenue in fiscal 2025 against $2.3B for Tyler Technologies.
- Tyler Technologies grew revenue faster (9.1%, against −1.1%).
- Dropbox kept more of each dollar of sales as operating profit (27.3% operating margin, against 15.3%).
- Dropbox turned more of its sales into free cash flow (36.9% FCF margin, against 27.3%).
- Investors pay more for each dollar of Tyler Technologies’s earnings: a P/E of 51.2x against 21.0x for Dropbox.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Dropbox
DBX
5/9
Gross marginOperating marginNet marginFCF marginShare count change
Tyler Technologies
TYL
4/9
Revenue growth5-year growthPiotroski F-scoreNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | DBX FY25 | TYL FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.6B | $16.2B |
| Revenue | $2.5B | $2.3B |
| Free cash flow | $931M | $638M |
| Net income | $508M | $316M |
| Growth | ||
| Revenue growth | −1.1% | 9.1% |
| 5-year growth | 5.7% | 15.9% |
| Share count change | −15.7% | 0.7% |
| Profitability | ||
| Gross margin | 80.1% | 46.5% |
| Operating margin | 27.3% | 15.3% |
| Net margin | 20.2% | 13.5% |
| FCF margin | 36.9% | 27.3% |
| Return on capital | — | 9.0% |
| Return on equity | — | 8.9% |
| Balance sheet | ||
| Net debt | $693M | −$498M |
| Net debt / EBITDA | 0.8x | −1.0x |
| Dividends and buybacks | $1.7B | $175M |
| Valuation & quality | ||
| P/E | 21.0x | 51.2x |
| Piotroski F-score | 5 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.